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The US Federal Reserve said Monday it had authorized China Construction Bank, a leading Chinese state bank, to operate in the United States.
The proposed New York City branch of CCB "would engage in wholesale deposit-taking, lending, trade finance, and other banking services," the Fed said in a statement.
The US central bank recalled that China Construction Bank Corporation (CCB) is 57.0 percent owned by the Chinese state, 19.7 percent by US banking group Bank of America and 5.7 percent by Temasek Holdings, a sovereign wealth fund owned by the government of Singapore. The remainder of the capital is publicly traded.
CCB is the second-largest bank in China, with total assets of approximately 1.1 trillion dollars, it noted.
The Fed said it had determined that CCB had adequate anti-money laundering safeguards and had committed to respect US laws on money laundering.
every one should have seen this coming. they will also pass legislation in the fast lane that china will be able to but what ever they want in the u.s.a. hint[automakers when the bail out money runs dry]. china wants hard assets now for their buying of our treasury notes. china is preparing for the u.s.a. to default.
realityzone | Homepage | 12.08.08 - 9:13 pm
sweet. now the chinese can directly receive bailouts through their state banks, rather than just financing our irresponsible demise.
crazy jimbah | Homepage | 12.08.08 - 9:14 pm
guess paulson's trip was a flop. consolidate, nationalize, liquidate, default, new currency. this is the recipe of the international bankers.
realityzone | Homepage | 12.08.08 - 9:24 pm
I, for one welcome our new Chinese overlords.
(paraphrasing the Simpsons)
thomas Jefferson | Homepage | 12.08.08 - 9:26 pm
we can only print so much, when the chinese own the paper and the ink.
realityzone | Homepage | 12.08.08 - 9:27 pm
Too bad Chinese is such a difficult language to learn.
Tom | Homepage | 12.08.08 - 9:55 pm
on 17 June 2005. BAC proposes to purchase 19,580,153,370 H-shares of the Bank from Huijin
It has been pointed out that, for the 19.58 billion CCB shares BAC just acquired, a locked-up period has also been set. The expiry date of this locked-up period is 29 August 2011.